Gold Price Forecast: XAU/USD retreats as final clues for Federal Reserve decision loom Gold SEO YieldCurve XAUUSD RiskAversion
Treasury bond yields before the improvement in market sentiment and a rebound in the bond coupons probed the XAU/USD bulls. Also likely to have probed the Gold buyers could be the cautious mood ahead of next week’s Federal Open Market Committee monetary policy meeting. It’s worth noting, however, that the US bond coupons are down for the second consecutive week and hence allow the bullion to remain firmer on a weekly basis.
On Wednesday, Saudi National Bank, the largest shareholder of Credit Suisse Group AG, ruled out another call for additional liquidity and triggered the financial market rout as Credit Suisse is a G-SIB – a global systemically important bank and the drama erupts after the latest fallouts of the US banks, namely Silicon Valley Bank and Signature Bank.
It should be noted that the European Central Bank’s 50 bps rate hike, matching expectations, also favored the sentiment and allowed the latest rebound in the yields, which in turn probed the Gold buyers. Looking ahead, Gold traders should pay attention to the Michigan Consumer Sentiment Index for March and the UoM 5-year Inflation Expectation for clear directions as these are the final clues for the next week’s Fed meeting.Gold price portrays a rising wedge bearish chart formation on the four-hour play.
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